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Mannkind cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$37.8M in Q3 2026 · −$78.4M over twelve months

Operating cash flow−$34.5M
Capital spending−$3.2M
Free cash flow−$37.8M
Cash conversion cycle315 days

Analysis

In Q3 2026, Mannkind generated −$34.5M of operating cash flow and spent $3.2M on capital projects, leaving free cash flow of −$37.8M. That is $60.3M less than in Q3 2025 ($22.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$66.2M; the largest uses were other investing ($243M), operating cash flow ($66.2M), capital spending ($12.2M); besides operations, cash came from other financing ($235M), shares issued ($500K); the cash balance fell by $86.1M.

Operating cash flow was −$34.5M against net income of −$23.2M. The largest differences: prepaid and other assets −$7.4M, depreciation & amortization +$7.2M, stock-based pay +$6.4M.

Its cash conversion cycle was 315 days (receivables 38 + inventory 381 − payables 104).

Free cash flow

Mannkind: free cash flow by quarterMannkind: free cash flow by quarter$19.7MQ4 2024−$6.7MQ1 2025$7.8MQ2 2025$22.5MQ3 2025−$10.0MQ4 2025−$7.2MQ1 2026−$23.5MQ2 2026−$37.8MQ3 2026
Operating cash flow less capital spending.
Mannkind: operating cash flow against capital spendingMannkind: operating cash flow against capital spendingOperating cash flowCapital spending$22.6M$2.9MQ4 2024−$6.4M$330KQ1 2025$8.9M$1.1MQ2 2025$23.6M$1.1MQ3 2025−$8.0M$2.0MQ4 2025−$5.4M$1.9MQ1 2026−$18.4M$5.1MQ2 2026−$34.5M$3.2MQ3 2026
Latest (Q3 2026): Operating cash flow −$34.5M, Capital spending $3.2M.

Capital allocation, year by year

Mannkind: where the cash came from (up) and went (down), by fiscal yearMannkind: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$61.7MFY2021: Net borrowing $185MFY2021: Shares issued $1.0MFY2021: Capital spending −$11.5M$186MFY2021FY2022: Operating cash flow −$80.7MFY2022: Shares issued $3.0MFY2022: Capital spending −$7.6MFY2022: Acquisitions −$15.3M$3.0MFY2022FY2023: Operating cash flow $34.1MFY2023: Shares issued $1.2MFY2023: Capital spending −$42.4M$35.3MFY2023FY2024: Operating cash flow $42.5MFY2024: Net borrowing −$87.7MFY2024: Shares issued $2.9MFY2024: Capital spending −$9.7M$45.4MFY2024FY2025: Operating cash flow $18.3MFY2025: Net borrowing $325MFY2025: Shares issued $6.4MFY2025: Capital spending −$4.6MFY2025: Acquisitions −$348M$350MFY2025
Over these 5 years operating cash flow totalled −$47.5M; the largest uses were acquisitions ($363M) and operating cash flow ($142M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$96.6M
Debt$319M
Net debt$223M
Cash runway15 months

Mannkind is burning cash: its operations consume cash, a free cash flow of −$78.4M a year at the current rate against $96.6M of cash and investments: a runway of about 15 months before any new financing.

Where the cash came from and went

Mannkind: sources (+) and uses (−) of cash, Q3 2026Mannkind: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$34.5MOther financing$23.1MCash drawn (+) / kept (−)$11.7MCapital spending−$3.2MOther investing$3.0M
Mannkind: sources (+) and uses (−) of cash, TTM to Q3 2026Mannkind: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$243MOther financing$235MCash drawn (+) / kept (−)$86.1MOperating cash flow−$66.2MCapital spending−$12.2MShares issued$500K

From profit to cash

Mannkind: net income to operating cash flow, Q3 2026Mannkind: net income to operating cash flow, Q3 2026Net income−$23.2MDepreciation & amortization$7.2MStock-based pay$6.4MOther non-cash$3KReceivables$2.2MInventory−$4.6MPayables$3.3MAccrued liabilities−$459KDeferred revenue−$3.7MPrepaid and other assets−$7.4MOperating cash flow−$34.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202638381104315
Q2 20263029686239
Q1 202633506151389
Q4 20252320654175
Q3 202525567179413
Q2 202533567151449
Q1 202523678141560
Q4 202418522127413

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$34.5M−$3.2M——$11.7M−$37.8M
Q2 2026−$18.4M−$5.1M—$200K−$97K−$23.5M
Q1 2026−$5.4M−$1.9M—$300K$22.0M−$7.2M
Q4 2025−$8.0M−$2.0M$250M—$52.5M−$10.0M
Q3 2025$23.6M−$1.1M—$100K−$70.4M$22.5M
Q2 2025$8.9M−$1.1M——−$9.7M$7.8M
Q1 2025−$6.4M−$330K——−$975K−$6.7M
Q4 2024$22.6M−$2.9M——$16.0M$19.7M

Mannkind: income statement and cash flow

Mannkind, Q3 2026: revenue $102M (+24% year over year), operating margin -2.1%. The chart follows the revenue to costs, profit and cash.

Mannkind: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.